Bridgeport Limited uses a perpetual inventory system. The inventory records show the following data for its first

month of operations:

$($a$)$

Your Answer

Calculate the cost of goods sold and ending inventory using FIFO.

Cost of goods sold $

Ending inventory $$136,650$

$($b$)$

Your answer is incorrect.

Calculate the cost of goods sold and ending inventory using average cost. $($Round average cost per unit to $2$

decimal places, e$.$g$.1\mathrm{.}25$ and final answers to $0$ decimal places, e$.$g$.5,125.)$

Cost of goods sold $

Ending inventory $

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Attempts: $1$ of $3$ usedSunland Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its

fiscal year, March $31,2024$:

Accounts payable

Accounts receivable

Accumulated depreciation$-$equipment $,9,600$

Cash

Common shares

Depreciation expense

Dividends declared

Equipment

Fees earned

Income tax expense

Income tax payable

Insurance expense

Prepaid insurance

Rent expense

Retained earnings

Salaries expense

Salaries payable

Supplies

Supplies expense

Utilities expense

Prepare the closing journal entries. $($Credit account titles are automatically indented when amount is

entered. Do not indent manually. List all debit entries before credit entries. If no entry is required,

select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation